An article in the Journal of Statistics Education reported the price of diamonds of different sizes in Singapore dollars (SGD). The following table contains a data set that is consistent with this data, adjusted to US dollars in 2004:
-Create a model to predict diamond costs from the size of the diamond.
Definitions:
Job Analysis
A systematic examination of a job to identify its component tasks, responsibilities, and the necessary skills, knowledge, and abilities for performance.
Red-Circling
A practice where an employee's pay is frozen or maintained at a high rate, despite the position's salary range being reduced or the employee moving to a lower-paid position.
Pay Range
The scale of minimum to maximum pay established for a specific job or job category, aimed to competitive while reflecting experience, performance, and skill level.
Ontario Pay Equity
A policy in Ontario, Canada, requiring employers to compensate employees in female-dominated job classes at rates equal to employees in male-dominated job classes when the jobs are of comparable value.
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